Disclosure Requirements - Investment Funds - Isle of Man
Disclosure Category: 2
Clearstream Banking S.A (“CBL”) may be required, under the laws and regulations of Isle of Man to disclose the information of CBL customers and ultimate beneficial owners, upon request, in the case of holding Isle of Man investment funds.
Consent
In order to comply with the local legislation, customers holding Isle of Man investment funds or entering into transactions in the Isle of Man market must consent and are hereby deemed to consent to the required legal disclosure. Such consent includes the appointment of the requestor (for example, the Fund Manager, Transfer Agent, Regulator) as their attorney-in-fact, under power of attorney, to collect from CBL the required information to be disclosed. Customers who do not grant such authority cannot hold such investment funds or financial instruments in their accounts with CBL.
Disclosure requirements
Customers are advised that under local laws and regulations, investment funds and its agents may require CBL, on request, to disclose information on CBL customers and ultimate beneficial owners
Background and legal basis
Customers are advised that disclosure of holdings and identity of CBL customers and ultimate beneficial owners may arise from the following local laws and regulations:
- Anti-Money Laundering and Countering the Financing of Terrorism Code 2019
- Proceeds of Crime Act 2008
- Terrorism and Other Crime (Financial Restrictions) Act 2014
Sanctions
Non-compliance with the disclosure requirements may result in the fund manager or its agents refusing acceptance of the proposed investment, and/or mandatory redemption of the existing holdings. The code requires the regulated entities and persons in Isle of Man to refuse and discontinue any business relationship with the party that failed to comply with the disclosure request.
Disclaimer
The information contained in the Disclosure Requirements is based on the legal opinion obtained by CBL that was issued on 26 February 2021. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Disclosure Requirements do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless, CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.